SWOT Analysis for Aflac
Strengths for Aflac can include: the commercials are catchy, and entertaining at the same time, so it is memorable for the customer. Not very many insurance agencies offer what Aflac offers (cash). The company has many sits in the Midwest to go to, for easy access for the customer. They have a variety of plans to suit ones needs. Their services can help pay for everyday needs when the customer cannot work. Last, but not least, there isn’t a lot of competition in the Midwest regions.
Weaknesses: They will not insure just anyone. Ex. You cannot get life insurance if you are morbidly obese. They do not have plans to pay for certain things, like medications. They won’t cover some pre-existing conditions. Their plans can be a bit pricey, which can depend on the age of the customer. They do not offer regular insurance, such as to pay for hospital visits, surgeries, etc. Turnover rate is higher than a normal insurance company, due to it being commission based pay.
Opportunities: Community opportunities, to help out with charities. Job opportunities is an important aspect. To help yourself be comfortable without having to worry about money coming in. When it comes to job opportunities, it opens up the chance to work with, and meet new people. Not to mention, it is commission based, so working hard has its advantages. The employee has opportunities to move up within the company fairly easily.
Threats: The economy being so bad, it could affect business, and clients. The health care reform act might cause some friction with business. Insurance fraud could be a factor as well. Customers with bad credit issues could cause some disadvantages. Other insurance companies could decide to compete with Aflac. The stocks market could crash, taking their portion of the stocks down with it.